DIGITAL TRANSFORMATION IN LIFE INSURANCE MARKETING: EXAMINING NEW AGE ADVERTISEMENT STRATEGIES ADOPTION IN NIGERIA’S INSURANCE SECTOR

Abstract

Abstract This study examined the impact of digital transformation via new age advertisement strategies on life insurance marketing in Lagos, Nigeria. Specifically, it investigates the effect of social media integration and mobile advertising on the marketing of life insurance products. The research employed a descriptive research design, sampling 140 respondents across 14 life insurance companies in Lagos State, with 100 valid responses analyzed. The study utilized OLS regression analysis to test two hypotheses. The first analysis examining social media integration revealed a strong relationship with insurance marketing (R² = 0.941), with visibility (β = 0.4143, p < 0.001), reach and conversion (β = 0.3512, p < 0.001), and content attractiveness (β = 0.2511, p < 0.008) emerging as significant predictors. Notably, influencer impact was not statistically significant (p = 0.415). The second analysis investigating mobile advertising's impact showed a significant effect on insurance marketing (F = 11.120, p < 1.675e-06), though with a lower explanatory power (R² = 0.312). The findings demonstrate that digital transformation through new age advertising technique plays a crucial role in enhancing the marketing performance of life insurance companies in Lagos State. The study concludes that Social media integration is a powerful tool for increasing product visibility and customer conversion. The study recommends that life insurance companies should leverage social media platforms for integrated advertising campaigns, optimize their advertising efforts for mobile devices, and that regulators should develop supportive policies while ensuring consumer protection. These findings contribute to the understanding of digital marketing strategies in the Nigerian insurance sector and provide practical implications for industry stakeholders.